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Apple's earnings top analysts' forecasts, but year-over-year sales drop for a third time

Apple’s eked out a slightly higher profit last quarter even though sales dipped during the period, a time during which the iPhone maker became the first publicly held company in the U.S. to be valued at $3 trillion.

The results released Thursday covered April through June, the third consecutive quarter that Apple has posted a year-over-year decline in revenue. That’s its longest stretch of declining sales in nearly seven years.

Revenue totaled $81.8 billion, down 1% from last year. Profit edged up by less than 1% from a year ago to $19.9 billion, or $1.26 per share.

The earnings were better than the $1.20 per share projected by analysts polled by FactSet Research, while revenue matched analyst forecasts.

But iPhones sales — the product segment watched most closely by Wall Street — fell 2% from a year ago to $39.7 billion, below analysts' predictions.

Apple's stock declined by about 1% in extended trading after the numbers came out.

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